Slide 1: CNMV filing cover note
Madrid, July 25, 2019 SPANISH SECURITIES AND EXCHANGE COMMISSION Please find attached the documentation to be presented to investors in upcoming meetings. Ángel L. Dávila Bermejo General Counsel
Slide 2: 6M 2019 Results Analyst & Investor presentation
6M 2019 Results Analyst & Investor presentation July 25th, 2019
Slide 3: Key Figures 6M 2019
Key Figures > 6M 2019 Δ at constant 6M 2019 Δ exchange rates Revenue 15,051 6.8% 6.9% Total written and accepted premiums 12,528 4.7% 4.7% - Non-Life 9,704 4.7% 4.5% - Life 2,824 4.7% 5.3% Non-Life Combined Ratio 95.9% -1.5 p.p Non-Life Loss Ratio 67.5% -1.9 p.p Non-Life Expense Ratio 28.5% 0.5 p.p
Slide 4: Insurance: Key figures by business unit
Key figures > by business unit Premiums – Breakdown by business unit Attributable result Premiums Combined ratio ROE 6M 2019 Δ mn Δ% 6M 2019 Δ% 6M 2019 Δ% 6M 2019 Δ %(2) IBERIA 231.7 (18.2) -7.3% 4,337 5.0% 93.9% 0.2 p.p 11.5% -0.9 p.p LATAM 103.5 20.6 24.8% 4,116 17.0% 92.8% -7.0 p.p -- -- ASISTENC
Slide 5: Adjusted attributable result
Adjusted attributable result 6M 2018 6M 2019 Δ (mn) Δ (%) Attributable result 385.7 374.5 (11.2) -2.9% Weather related and NatCat claims(1) (11.5) 11.5 (2) Reorganization of US operations (7.2) 4.5 11.7 Financial Gains & Losses (3) 60.3 37.5 (22.8) Attributable result (adjusted) 344.1 332.5 (11.6) -
Slide 6: Evolution of Life business
Evolution of Life business Result of Life business Highlights Result of Life business › IBERIA: 6M 2018 6M 2019 Δ mn Δ% › Strong profitability in the Life-Protection business, with IBERIA 121.2 125.0 3.8 3.2% volumes growing and combined ratios improving BRAZIL 243.0 113.3 (129.7) -53.4% › Impact of
Slide 7: Capital structure & credit metrics
Capital structure & credit metrics Capital structure Leverage (%) 22.5% 23.4% Subordinated debt Bank financing 8% 7% Senior debt 8% Equity 12.31.2018 06.30.2019 € 13.2 77% billion Interest coverage (x) 20.2 18.4 › Temporary increase in leverage to 23.4% due to: › BMN acquisition (total amount: €162
Slide 8: Shareholders' equity
Shareholders’ equity Change in shareholders’ equity Currency conversion differences Balance at 12/31 previous year 7,994 % Δ currency 06.30.2019 Δ YTD YTD Result for the period 375 Total -688 50 - Dividends -262 of which: Net unrealized capital gains of AFS portfolio* 707 US dollar 460 17 0.8% Curre
Slide 9: Investment portfolio & Assets under Management
Investment portfolio & Assets under Management Investment portfolio – Breakdown by asset class Assets under Management 53.2 12.31.2018 06.30.2019 %Δ 5.0 Other investments (9.4%) Assets under Management 58.5 63.0 7.8% 2.4 Cash (4.6%) 1.5 of which: 2.6 Mutual funds (2.8%) 2.4 Investment portfolio 49.3
Slide 10: Investment portfolio and Financial gains & losses
Investment portfolio and Financial gains & losses Actively managed portfolios1 - Non-Life (€7.4bn) Actively managed portfolios1 - Life (€6.7 bn) 6.4 6.8 6.8 7.1 8.1 Duration (%) 6.8 7.0 6.6 6.7 7.0 Duration (%) 4.10 3.97 3.91 2.59 3.72 3.69 2.34 2.11 1.99 2.02 1.32 1.42 1.23 1.09 0.74 1.01 1.00 1.05
Slide 11: IBERIA
IBERIA Key figures – by line of business Key highlights Premiums Attributable result Combined ratio › Excellent premium growth: 6M 2019 % Δ 6M 2019 %Δ 6M 2019 % Δ › Motor: growth in premiums (+2.3%), with Total 4,337.4 5.0% 231.7 -7.3% -- -- positive developments in Spain, both in retail Life 1,289.
Slide 12: BRAZIL
BRAZIL Key figures Premiums Attributable result Combined Ratio 6M 2019 %Δ 6M 2019 %Δ 6M 2019 %Δ Total 2,056.2 1.9% 48.9 63.1% -- -- Life 772.8 15.7% 21.1 -27.6% -- -- Non-Life 1,283.4 -4.9% 27.7 -- 91.6% -10.8 p.p of which: Motor 462.1 -18.1% -10.1 20.3% 107.2% -7.0 p.p General P&C 819.6 4.7% 37.0 -
Slide 13: LATAM NORTH
LATAM NORTH Key figures Premiums Attributable result Combined ratio 6M 2019 %Δ 6M 2019 %Δ 6M 2019 %Δ LATAM NORTH 1,252.1 77.6% 28.9 19.8% 93.1% -2.0 p.p of which: Mexico 935.9 130.6% 14.1 31.0% 94.1% -3.1 p.p Central America 238.5 1.8% 10.5 14.0% 96.8% 1.6 p.p Dominican Rep. 77.7 20.6% 4.3 3.5% 86.6
Slide 14: LATAM SOUTH
LATAM SOUTH Key figures Premiums Attributable result Combined ratio 6M 2019 %Δ 6M 2019 %Δ 6M 2019 %Δ LATAM SOUTH 807.3 1.5% 25.7 -10.8% 95.7% -1.0 p.p of which: Peru 285.6 13.6% 13.2 4.8% 89.7% -2.8 p.p Colombia 181.5 -4.7% 0.4 -79.9% 96.5% -1.1 p.p Chile 124.1 13.1% 3.2 -2.7% 98.3% 1.5 p.p Argentin
Slide 15: NORTH AMERICA
NORTH AMERICA Key figures – by business unit Key highlights Premiums 6M 2019 %Δ Attributable result 6M 2019 %Δ Combined ratio 6M 2019 %Δ › Impact of dollar appreciation on average exchange rates (+6.5%) United States of which: 996.9 -3.8% 35.3 -- 101.1% -3.1 p.p › Fall in premiums in local currency
Slide 16: EURASIA
EURASIA Key figures Premiums Attributable result Combined ratio 6M 2019 %Δ 6M 2019 %Δ 6M 2019 %Δ EURASIA 951.1 -4.5% -0.6 -105.4% 107.9% 3.0 p.p of which: Germany 208.8 2.9% 2.9 164.4% 99.5% 0.1 p.p Turkey 240.3 -14.4% -3.1 -134.8% 119.6% 11.4 p.p Italy 264.3 4.1% -3.2 -- 105.7% -3.9 p.p Malta 201.0
Slide 17: MAPFRE RE
MAPFRE RE Key figures * - by business unit Key highlights 6M 2019 %Δ Total Premiums 2,804.1 0.4% › Premiums benefitting from currency movements, of which: especially the US dollar Non-Life 2,558.5 5.6% › Excellent combined ratio despite year on year increase Life 245.6 -33.5% as a result of: › Large
Slide 18: Solvency II
Solvency II March 2019 Solvency II ratio Highlights 200.2% 189.5% 189.1% Fully 179.9% 173.2% 173.9% › High quality capital base: loaded* › 87% Tier 1 8.9 8.8 8.8 › Evolution 3.31.2019 vs. 12.31.2018 4.7 4.7 › Reduction in ratio: -0.4 p.p. 4.4 of which: Pedido desglose › Change in IFRS equity: +7.4 p
Slide 19: Wrap up
Wrap up Turnaround in Brazil > to keep momentum throughout the year, driven by the new business focus Improved underlying results in USA > thanks to successful strategy implementation and additional measures being taken IBERIA > positive premium and profitability trends, in line with expectations, i
Slide 20: Terminology
Terminology Revenue Top line figure which includes premiums, financial income, and revenue from non-insurance entities and other revenue Combined ratio – Non-Life Expense ratio + Loss ratio Expense ratio – Non-Life (Operating expenses, net of reinsurance – other technical revenue + other technical e
Slide 21: Investor Relations
Investor Relations September 2018Investor Relations Natalia Núñez and Capital Markets Director Financial results natalia.n@mapfre.com Analyst and investor presentation November 8th. 2018 Leandra Clark Marta Sanchidrián Raquel Alfonso Leslie Hoffman Fernando García de la Santa clarkle@mapfre.com sanc
Slide 22: Agenda
Agenda Black-out period 10/10 - 10/30/2019 September 20183Q 2019 Results presentation 10/31/2019 Financial results Analyst and investor presentation November 8th. 2018 Dates subject to change
Slide 23: Contact us
Contact us If you are an investor or shareholder and would like to receive more information regarding the MAPFRE share or have questions regarding MAPFRE´s results and strategy, please find our contact information below: September 2018 Shareholders Investors Financial Investor Relations results MAPF
Slide 24: Disclaimer
Disclaimer This document is purely informative. Its content does not constitute, nor can it be interpreted as, an offer or an invitation to sell, exchange or buy, and it is not binding on the issuer in any way. The information about the plans of the Company, its development, its results and its divi